Today, the GSEs and Ginnie Mae are the only companies securitizing loans in large numbers. The GSEs typically attract high quality, less risky loans within their limits, while Ginnie Mae mostly caters to minorities and first-time buyers.
Read More »GSEs Issue Updates to Mortgage Repurchase Guidelines
The new policies, sent in a letter to sellers and servicers, are expected it go into effect January 1, 2016, at the direction of the Federal Housing Finance Agency (FHFA).
Read More »Fannie Mae, Freddie Mac Bring Foreclosure Prevention Total to 3.56 Million
With July's total of nearly 20,000 foreclosure prevention actions, the Enterprises have now completed 3.56 million such actions since the start of the conservatorship in September 2008, according to FHFA.
Read More »Distressed Sales Move Closer to ‘Normal’ Levels
Sales of distressed residential properties (REOs and short sales) continued heading toward their "normal" levels with another substantial year-over-year decline in July 2015, according to distressed sales data released by CoreLogic on Thursday.
Read More »Housing Market Sentiment Rises to Near-Record High
The index showed that four of the six components questioned posted net positive gains. The Good Time to Sell component increased 13 points in September compared to the prior month, with 52 percent indicating that it was a good time to sell, up five percentage points from last month.
Read More »Top Democratic Lawmaker Wants More Information from Big Banks on Settlements
Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, has written a letter to more than a dozen big banks and investment banking firms requesting more information on settlement they have entered into with 15 government enforcement agencies since January 1, 2005.
Read More »CFPB Considers Opening the Door for Class Action Lawsuits
The Consumer Financial Protection Bureau (CFPB) announced on Wednesday it is considering proposing rules that will make consumer financial companies more accountable to the consumers they serve. The Bureau is considering a proposal that would prevent consumer financial companies from using "free pass" arbitration clauses that would prevent consumers from bringing class action lawsuits to obtain relief.
Read More »Fifth Third to Pay $85 Million to Settle Claims of Fraud on FHA-Insured Loans
Fifth Third made a voluntary disclosure of approximately 1,400 loans from 2003 to 2013 that the bank had certified as eligible for FHA insurance that were later found to contain material defects that would have made those loans ineligible for FHA insurance.
Read More »Bipartisan Discussion Highlights GSE Reform, Risk Transfer, Need for More Private Capital
The event highlighted GSE reform and conservatorship, the need for more private capital in the financial system and to transfer risk away from taxpayers and GSEs, focusing on risk sharing, specifically “front-end,” which makes housing finance more sustainable.
Read More »Non-Profit Sues HUD Over Stalled Information Request on Reverse Mortgage Foreclosures
San Francisco-based non-profit California Reinvestment Coalition (CRC) filed a lawsuit in federal court against HUD, claiming that the Department improperly denied a fee waiver for a Freedom of Information Act (FOIA) request, according to an announcement from CRC.
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